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008161201s2016    oncd    ob   f000 0 eng d
040 |aCaOODSP|beng
041 |aeng|bfre
043 |an-cn---
0861 |aFB3-5/2016-49E-PDF
1001 |aShukayev, Malik.
24510|aMonetary policy tradeoffs between financial stability and price stability |h[electronic resource] / |cby Malik Shukayev and Alexander Ueberfeldt.
260 |a[Ottawa] : |bBank of Canada, |cc2016.
300 |aii, 44 p. : |bgraphs.
4901 |aStaff Working Paper, |x1701-9397 ; |v2016-49
500 |a"November 2016."
504 |aIncludes bibliographical references.
5203 |a"We analyze the impact of interest rate policy on financial stability in an environment where banks can experience runs on their short-term liabilities, forcing them to sell assets at fire-sale prices. Price adjustment frictions and a state-dependent risk of financial crisis create the possibility of a policy tradeoff between price stability and financial stability. Focusing on Taylor rules with monetary policy possibly reacting to banks’ short-term liabilities, we find that the optimized policy uses the extra tool to support investment at the expense of higher inflation and output volatility"--Abstract.
546 |aAbstract in French.
69207|2gccst|aInterest rates
69207|2gccst|aBanks
69207|2gccst|aMonetary policy
69207|2gccst|aFinancial analysis
7001 |aUeberfeldt, Alexander.
7102 |aBank of Canada.
830#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2016-49|w(CaOODSP)9.806221
85640|qPDF|s997 KB|uhttps://publications.gc.ca/collections/collection_2016/banque-bank-canada/FB3-5-2016-49-eng.pdf